Life Sciences Update | 2022 October

FAST FACTS 5

New Jersey

Market Summary

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Fast Lab Stats

• New Jersey has exhibited notable growth from pharmaceutical and biotechnology companies as a result of its offering these companies a strategic location in the heart of the Northeast corridor, a talented and experienced workforce and a supply chain infrastructure that enables companies to grow. • The market for move-in ready lab space remains tight amid the growth of small and mid-sized life sciences firms during the year. Vacancy has steadily diminished since 2018 and stands at 11.9%. Despite the lack of available laboratory space in the market, new development has been limited due to the long approval process and the high cost of construction. • The future pipeline remains bright with proposed developments at the ON3 campus in Nutley, BeiGene’s new manufacturing and clinical R&D center at the Princeton West Innovation Center in Hopewell, and new progress being made at The Cove in Jersey City.

Company

Deal Type Completed Type

$ Raised (MM)

$39

10% 12% 14% 16% 18%

14.2 MSF Market Square Footage $35.54 $ Per SF 11.9%

Areteia Therapeutics VC

Jun 2022

VC

$350.0

$37

Apprentice

VC

Jan 2022

VC

$100.0

Vacancy Rate

$35

Ceptur Therapeutics VC

Jan 2022

VC

$75.0

Enalare Therapeutics VC

Aug 2022

VC

$55.0

$33

iView Therapeutics

VC

Jan 2022

VC

$30.0

0% 2% 4% 6% 8%

$31

Vascular Therapies

VC

Mar 2022

VC

$27.7

$29

Vacancy 59K Total Life Sciences Employment 7.4% Life Sciences Employment 10-Year Growth Rate

Onkos Surgical

VC

Jun 2022

VC

$26.5

Average Asking Rent $/sf

Elucida Oncology

VC

Mar 2022

VC

$22.3

$27

BioAegis Therapeutics

VC

Mar 2022

VC

$22.0

$25

2015 2016 2017 2018 2019 2020 2021 2022

ArrePath

VC

Mar 2022

VC

$20.0

Asking Rents

Overall Vacancy

Sublease Vacancy

Representative Life Sciences Companies

Representative Investment Sale Transactions (2022)

Company

Type

Bristol Myers Squibb

HQ, Research Facility, other HQ, Research Facility, other

Address

Type

$ MM RBA SF

Date

Buyer

Life Sciences Labor: Average Monthly Job Postings and Hires

55 Corporate Dr

Office/Lab

$261.0

674,340 Jan 2022

AVG Partners

Johnson & Johnson

200 Metro Blvd

Office/Lab

$131.7

332,818

Apr 2022

Cantor Fitzgerald

2,500

701/801 Princeton South Corporate Center

Merck

HQ, Research Facility, other

Office/Lab

$39.5

110,945

Mar 2022

Baring Real Estate Advisors

2,000

Bayer

HQ, Research Facility, other

700 Route 202/206

Office/Lab

$39.0

143,869

Apr 2022

Maxim Properties

1,500

350 Carter Rd

Lab

$34.0

78,992

May 2022

Ares Management Corporation

Pfizer

Regional Office, Research Facility

1,000

Sanofi

Regional Office, Research Facility

Representative Lease Transactions (2022)

500

Novartis

Regional Office, Research Facility

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Novo Nordisk

Regional Office

0

400/500 Warren Corporate Center Dr

Rubenstein/Vision Real Estate Partners

PTC Therapeutics

361,718 New Lease

Office/Lab

Q2

Teva Pharmaceuticals Regional Office, Research Facility PTC Therapeutics HQ, Research Facility

2018

2019 2020 2021

2022

Access Bio

7 Fitzgerald Ave

152,736 Sublease

Lab/R&D

Q1

The KRE Group

Hires Unique Postings

USPL Nutritionals LLC 1200 Jersey Ave

125,000 New Lease

Lab/R&D

Q1

Elion

Cellares

95 Corporate Dr

118,208 New Lease

Office/lab

Q2

Steiner Equiries

Top NIH-Funded Institutions (2018-2022) $315M Rutgers, The State University of N.J. $240M RBHS-New Jersey Medical School $237M Princeton University

Bio Degree-Awarding Institutions, Metro Area

Annual Life Sciences Degree Completions

Dlabs

95 Mayhill St

108,000 Renewal

Lab/R&D

Q2

Winter Properties

Rubenstein/Vision Real Estate Partners

Gilead

369-379 Interpace Pkwy

96,391 New Lease

Office/Lab

Q2

• • • •

Rutgers University

2010 3,828 2020 5,547 Up 45%

The College of New Jersey

Access Bio

65 Clyde Rd

79,183 Renewal

Lab/R&D

Q2

Blackstone

Seton Hall University Princeton University

Kyowa

510 Carnegie Ctr

78,464 New Lease

Office/Lab

Q2

Boston Properties

Research Contributor

John Obeid john.obeid@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook

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/ CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER